OCC chief Brian Brooks: ‘No person’s going to ban Bitcoin’

Brian Brooks, the pinnacle of the Workplace of the Comptroller of the Forex, stated regulators aren’t trying to “kill” Bitcoin (BTC) however as a substitute guarantee its clean integration into the monetary system. 

In an interview with CNBC’s Squawk Field on Friday, Brooks stated:

“We’re very centered on getting this proper. We’re very centered on not killing this, and it’s equally necessary that we develop the networks behind Bitcoin and different cryptos as it’s that we stop cash laundering and terrorism financing.”

The Workplace of the Comptroller of the Forex is the bureau of the Treasury Division that supervises federal banks.

Brooks’ remark was in response to a query about whether or not the administration of Donald Trump was planning to roll out doubtlessly damaging cryptocurrency laws earlier than the tip of its time period. Brian Armstrong, CEO of Coinbase, introduced consideration to this challenge final month in a sequence of tweets explaining why stringent laws focusing on self-hosted crypto wallets can be a foul thought.

When requested about whether or not we are able to count on new laws by the tip of President Trump’s time period, Brooks stated:

“I feel you’re going to see plenty of excellent news for crypto by the tip of the Trump time period. A few of it will should do with banks connecting to blockchains, a few of it will be extra readability across the nature of those belongings.”

Whereas acknowledging that it’s a “harmful world on the market,” Brooks stated:

“No person’s going to ban Bitcoin. No person’s going to ban a few of these transmission applied sciences.”